US Int'l Development Finance Corp lends over USD 49.5 million loans to India to support energy efficiency, businesses
Mar 31, 2023
Washington [US], April 1 : The US International Development Finance Corporation (DFC) has approved 17 new transactions worth over USD 655 million of investment across the world, including three for India.
This includes a USD 49.5 million loan to scale up the deployment of electric "smart meters", and a USD 8 million loan guarantee for underserved micro, small and medium enterprises (MSME) in India.
In a media release, the US International Development Finance Corporation said, "A $49.5 million loan to Genus Power Infrastructures Ltd to scale up the deployment of electric "smart meters" across India, supporting energy security and transition through grid optimization and efficiency."
US International Development Finance Corporation announced that a USD 8 million loan guarantee will provide capital to a woman-founded, owned and managed non-bank financial company Svakarma Finance Private Limited to boost early growth-stage businesses in India.
"Extending capital to underserved small businesses in India: An $8 million loan guaranty will provide capital to Svakarma Finance Private Limited, a women-founded, owned, and managed non-bank financial company in India that on-lends to underserved micro, small and medium enterprises," US International Development Finance Corporation said in a statement.
It further said, "A commitment to Amicus Capital Partners II, a private equity fund investing in fast-growing, early growth-stage Indian businesses in sectors including financial services, food security and agriculture, healthcare, and technology and business services."
In the press release, the US International Development Finance Corporation (DFC) announced that they have approved 17 new transactions worth more than USD 655 million of investment.
"This quarter, the U.S. International Development Finance Corporation (DFC) approved 17 new transactions totalling more than $655 million of investment," US International Development Finance Corporation said.
It further said, "The transactions will support U.S. foreign policy and development priorities across the globe, including enabling sustainable infrastructure and energy security, advancing food security and agricultural innovation, supporting small businesses, and improving healthcare."
In the press release, DFC's Board of Directors approved three projects. It announced a USD 300 million loan to ISQ Growth Markets Climate Impact Fund, which will invest in critical infrastructure and energy projects in emerging markets across Asia and the Western Hemisphere.
It further said that a USD 150 million purchase of bonds issued by Akbank will enable the bank to address regional and gender disparities by supporting on-lending to women and women-led businesses in the least developed provinces of Turkey.
The US International Development Finance Corporation announced an equity investment of USD 18 million to BuyMed Pte Ltd which will expand pharmacies, clinics, and hospitals' access to pharmaceutical products in rural areas and increase transparency and compliance within the healthcare industry in Vietnam.
According to the press release, the investments at the Corporation level include loans for Ghana, Guatemala and Kenya.
